USD 8.64 Billion
Orthopedic Prosthetics Market Size, Share, Growth Analysis, By Product(Upper Extremity, Prosthetics, Lower Extremity Prosthetics, Liners), By Technology(Conventional, Electric Powered, Hybrid Prosthetics), By End user(Hospitals, Prosthetic Clinics, Rehabilitation Centers, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2801 |
Region:
Global |
Published Date: October, 2024
Pages:
219
|Tables:
69
|Figures:
75
Orthopedic Prosthetics Market Insights
Global Orthopedic Prosthetics Market size was valued at around USD 3.3 billion in 2022 and is expected to rise from USD 3.5 billion in 2023 to reach a value of USD 5.6 billion by 2031, at a CAGR of 6.2% over the forecast period (2024–2031).
Rising incidence of trauma injuries and orthopedic disorders are projected to primarily bolster the demand for orthopedic prosthetics over the coming years. Rapidly expanding geriatric population is also expected to be a major contributor to orthopedic prosthetics market growth going forward. Increasing investments in the development of novel orthopedic prosthetics using advanced manufacturing technologies and materials are also estimated to create new opportunities for orthopedic prosthetics companies in the future. Rising cases of road accidents, advancements in prosthetics technologies, and increasing healthcare expenditure are also estimated to favor sales of orthopedic prosthetics in the long run. On the contrary, high costs of advanced orthopedic prosthetics, challenges in fit and customization, risk of complications, and limited availability of skilled professionals are slated to be major restraints for orthopedic prosthetics companies across the study period and beyond.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Orthotics
Fastest Growth
Orthotics
Growth Rate
8.64% CAGR
Global Orthopedic Prosthetics Market ($ Bn)
Country Share for North America Region (%)
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Orthopedic Prosthetics Market Segmental Analysis
Global Orthopedic Prosthetics Market is segmented by Product, Technology, End User, and region. Based on Product, the market is segmented into Upper Extremity, Prosthetics, Lower Extremity Prosthetics, Liners, Sockets, and Modular Components. Based on Technology, the market is segmented into Conventional, Electric Powered, Hybrid Prosthetics. Based on End User, the market is segmented into Hospitals, Prosthetic Clinics, Rehabilitation Centers, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product
Lower extremity prosthetics are forecasted to account for a dominant orthopedic prosthetics market share over the coming years. Lower extremity prosthetics refers to artificial limbs designed to replace the entire lower limb, including feet, ankles, and legs. Growing leg trauma injuries and rising emphasis on improving the mobility of people with leg injuries are also expected to help this segment bolster its dominance in the future. Rapidly aging population and growing number of foot amputations related to diabetes issues are also expected to help this segment generate new business scope for orthopedic prosthetics providers in the long run.
On the other hand, the demand for upper extremity prosthetics is forecasted to increase at a notable pace in the future. Advancements in upper limb prosthetics development technologies are creating new opportunities for orthopedic prosthetics companies focusing on this segment through 2031. Surging prevalence of Osteosarcoma and rising awareness regarding benefits of upper limb prosthetics are also slated to promote sales of upper extremity prosthetics over the coming years. Rising investments in product innovation and growing demand for life-like prosthetics are also forecasted to create new opportunities for orthopedic prosthetics manufacturers focusing on this segment going forward.
Analysis by End User
Hospitals are predicted to account for a major chunk of global orthopedic prosthetics demand outlook in the future. The increasing number of orthopedic surgeries being performed in hospitals and the availability of better pre-op and post-op care are cementing the dominance of this segment. Growing availability of novel prosthetics in hospitals and increasing investments in the development of healthcare infrastructure are also contributing to the dominance of this region going forward. The need for repeated follow-up visits and residual limb care are also expected to help this segment to hold sway over others in the long run.
Meanwhile, the demand for orthopedic prosthetics in prosthetic clinics is estimated to increase at a robust pace across the forecast period and beyond. Growing need for specialized and advanced prosthetics care around the world is creating new business scope for orthopedic prosthetics companies focusing on this segment. Launch of new prosthetics clinics and their essential role in prosthetic evaluation, fitting, customization, and maintenance are also forecasted to make this a highly opportune end user segment over the coming years. Rising demand for individualized and personalized care for orthopedic injuries is also projected to create new opportunities for orthopedic prosthetics providers focusing on this segment going forward.
Global Orthopedic Prosthetics Market By End User
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Orthopedic Prosthetics Market Regional Insights
North America is projected to account for a dominant share of the global orthopedic prosthetics market. The presence of a developed healthcare infrastructure, high availability of advanced prosthetics, and growing spending on healthcare are also estimated to make this a leading region for orthopedic prosthetics suppliers. Canada and the United States are slated to be the top markets for orthopedic prosthetics companies in the North American region through 2031 and beyond. Availability of favorable reimbursement policies and presence of leading orthopedic prosthetics manufacturers are also cementing the dominance of North America in the global orthopedic prosthetics industry.
Rapidly rising geriatric population and growing prevalence of orthopedic disorders are making the Asia Pacific region the fastest growing market for orthopedic prosthetics providers. Growing healthcare spending potential, rising availability of advanced prosthetics, and surging incidence of diabetes are expected to propel sales of orthopedic prosthetics over the coming years. Japan is slated to be a highly opportune market owing to the presence of a massive senescent population base in the country. China and India are expected to be other opportune markets for orthopedic prosthetics suppliers operating in this region. Availability of cheap labor and raw materials in this region make it attractive for orthopedic prosthetics manufacturers.
Global Orthopedic Prosthetics Market By Region
- Largest
- Fastest
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Orthopedic Prosthetics Market Dynamics
Orthopedic Prosthetics Market Drivers
Increasing Geriatric Population
-
Increased life expectancy around the world has resulted in a robust increase in senescent population. Aged people have weak bones and joints that are more prone to orthopedic disorders and injuries, thereby this sect of population is more likely to opt for orthopedic prosthetics and surgeries across the study period and beyond.
Growing Incidence of Orthopedic Disorders and Injuries
-
The prevalence of orthopedic disorders, musculoskeletal disorders, osteoarthritis, and traumatic injuries is rising rapidly around the world. Increasing accidents and trauma cases are expected to bolster the demand for orthopedic prosthetics over the coming years. Moreover, increasing efforts to reduce disability from these injuries and disorders are also slated to benefit orthopedic prosthetics market growth going forward.
Orthopedic Prosthetics Market Restraints
Challenges in Fit and Customization
-
Prosthetics need to be configured as per each patient’s size and fit to ensure optimal fit and functionality. Variability in residual limb shapes and changes in custom requirements from patient to patient are also expected to impede the global orthopedic prosthetics market outlook in the long run.
High Costs of Advanced Orthopedic Prosthetics
-
Advanced orthopedic prosthetics are equipped with sensors, microprocessors, and robotic components, which increase their costs and make them unaffordable for patients with limited spending potential and limited reimbursement coverage. This restraint is expected to especially be prominent for orthopedic prosthetics companies operating in developing and underdeveloped countries in the future.
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Orthopedic Prosthetics Market Competitive Landscape
Developing affordable and advanced orthopedic prosthetics will be the prime focus of new as well as established companies in the future. Orthopedic prosthetics providers should also focus on developing orthopedic prosthetics with the right fit and functionality to maximize their sales potential going forward. Collaborations and partnerships are slated to be essential in fostering product innovation in the long run.
Top Player’s Company Profiles
- Blatchford Limited
- Fillauer LLC
- WillowWood Global LLC
- Steeper Inc.
- Mobius Bionics
- Synergy Prosthetics
- Human Technology Inc.
- United Prosthetics Inc.
- Coapt LLC
- Protunix
- Össur
- Ottobock Inc.
- Touch Bionics Inc.
- Advanced Arm Dynamics, Inc.
- Stryker
- Exactech, Inc.
- Globus Medical Inc.
- RTI Surgical Inc.
- Wright Medical Group N.V.
- Johnson & Johnson Services, Inc.
Recent Developments
- In October 2024, Össur, a leading provider orthopedics provider based in Iceland announced the launch of a new workflow management solution called EmpowerX for orthopedic practices in the United States. EmpowerX is an autonomous artificial intelligence-integrated medical device solution.
- In February 2024, OrthoPediatrics Corp., a leading provider of pediatric orthopedics announced the acquisition of Boston Orthotics & Prosthetics. This helped OrthoPediatric strengthen its stance in the orthopedic prosthetics market and also allowed access to Boston’s prosthetic technology.
- In October 2023, Blatchford, a leading lower limb prosthetics manufacturer, announced the launch of Tectus®, a modern orthotic device. The new solution is designed to empower people with partial decrease limb paralysis to provide more effortless, natural, and cushty strolling, instilling more self-belief and protection in customers.
Orthopedic Prosthetics Key Market Trends
- Use of 3D Printing Technology: Orthopedic prosthetics companies can focus on using 3D printing to develop highly customizable orthopedic prosthetics efficiently. High affordability and faster production times for intricate and complex designs are also expected to be key benefits associated with the adoption of this orthopedic prosthetics market trend in the long run.
- Use of Lightweight and Biocompatible Materials: Orthopedic prosthetics providers should explore the use of novel lightweight and biocompatible materials to create innovative products in the future. Carbon fiber and titanium are perfect examples of such novel materials that help improve the functionality and durability of orthopedic prosthetics over the coming years while reducing the risk of complications as well.
Orthopedic Prosthetics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing geriatric population and rising incidence of orthopedic disorders are slated to bolster the global orthopedic prosthetics market forecast in the future. However, challenges in fit and customization of prosthetics and high costs of advanced orthopedic prosthetics are slated to slow down the sales of orthopedic prosthetics going forward. North America is estimated to bring in the most revenue for orthopedic prosthetics providers owing to the presence of a developed healthcare infrastructure and high healthcare expenditure. Use of 3D printing technology and use of lightweight and biocompatible materials are also slated to present new opportunities for orthopedic prosthetics suppliers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.3 billion |
| Market size value in 2031 | USD 5.6 billion |
| Growth Rate | 6.2% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Orthopedic Prosthetics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Orthopedic Prosthetics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Orthopedic Prosthetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Orthopedic Prosthetics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Orthopedic Prosthetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Orthopedic Prosthetics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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